A crypto project called Safereum is the latest to carry out a rug pull on users, making off with around $1.3 million worth of funds, according to blockchain security experts.

In a Monday alert on X, blockchain security firm CertiK notified users that Safereum had conducted an exit scam after unlocking the token supply and selling more than 600 ETH worth of holdings. Shortly after, the price of the native SAF token plummeted 94%.

CertiK also noted that the stolen funds had already been deposited across multiple wallets. Safereum’s official X account has also been deleted, strongly suggesting that the team’s developers were behind the event. 

A rug pull or exit scam occurs when the creators of a project unexpectedly drain liquidity, essentially stealing funds from users who deposited tokens on their platform.

https://twitter.com/website/status/1716538723939082693

Safereum was launched earlier this month on the Ethereum blockchain, and was largely marketed as a meme-based cryptocurrency with “guaranteed security.” In a press release issued at the time of its launch, the team claimed that the project’s smart contracts had been audited by five different companies.

The project was promoted by so-called crypto influencers on X, which likely encouraged unsuspecting users to deposit their funds with the platform. One of those users promoting the project was “@Shiaholic_ETH,” who now stands accused of funding the developer wallet behind the project.